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Chaos in DC, Elector Vote, Jobs Data: 3 Things to Watch

Stock MarketsJan 06, 2021 04:45PM ET
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© Reuters.

By Liz Moyer

Investing.com -- An unruly mob stormed the U.S. Capitol on Wednesday as lawmakers met to confirm the electoral college vote for President-elect Joe Biden.

Shocking scenes of chaos in the nation’s capital unfolded on television and over social media as lawmakers scrambled for shelter, suspending their vote count. Stocks became almost an after-thought, after touching new record highs earlier in the day.

The Dow Jones Industrial Average gave back some of its gains, though ultimately ended the day in record territory. Earlier, the markets reacted positively to the prospect of more stimulus under a Biden administration that will likely have control of both chambers of Congress.

Two runoff elections in Georgia will hand Democrats an equal number of seats in the Senate, with Vice President-elect Kamala Harris the tie-breaker. That clears the way for Biden and the Democrats to pursue their agenda without fear of being blocked left and right by Republicans.

Clean energy, more economic aid to boost the recovery, and infrastructure are on that agenda. Shares of banks and energy companies surged in early trading.

Here are some things that could affect markets tomorrow:

1. Violence leads to uncertainty

The violence in Washington could weigh on stocks as uncertainty breeds volatility. Police worked to force the rioters out of the Capitol building Wednesday afternoon, and the Mayor of D.C. called for a 6:00 PM ET curfew in the city.

If the violence spills overnight and into a new day, stocks could retreat and hard assets like gold could rise as investors rush for safe havens. 

2. Electoral confirmation suspended

The violence disrupted the confirmation of electoral college votes for Biden, and there wasn’t word mid-afternoon when the counting could begin again. Congressional leaders had to leave the House chamber when rioters stormed the building.

Jan. 6 is the day set aside for Congress to do this usually perfunctory task, in order for the inauguration to go forward on Jan. 20, which is just two weeks from now. 

3. Jobs data

Thursday brings data on initial and continuing jobless claims, which are released at 8:30 AM ET (1230 GMT). Private payrolls in December declined 123,000, according to ADP, evidence of a significant slowdown in the economy.

Analysts tracked by Investing.com expect nitial jobless claims of 800,000, which would be up from the prior week. Continuing claims are expected to be 5.2 million.

The labor market data come just a day ahead of the crucial nonfarm payrolls report due Friday. 

Chaos in DC, Elector Vote, Jobs Data: 3 Things to Watch
 

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Comments (13)
Clinton Powell
Clinton Powell Jan 06, 2021 8:28PM ET
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Videos didnt lie when Marion Barry blew coke up his noseThey didnt lie when Joe Biden said he had the Ukranian prosecuter firedBUT the videos in GA where a lie?!! Yep what a sad place we are at
David Milani
David Milani Jan 06, 2021 7:49PM ET
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what stocks you think will be the most affected
Limin Tandiono
Limin Tandiono Jan 06, 2021 6:57PM ET
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Xi is nothing compare to Trump. How dare he criticise China? He is the worst dictator and anti-democracy of the century.
Coccollo Zac
Coccollo Zac Jan 06, 2021 5:53PM ET
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When you take a pride from the people, when you starve them and make fun of them, be very aware. All traders here look a left side of chart. Now is time to look on left side of history years like 1789,1917-1918, 1925-1934...
Zack Harding
Zack Harding Jan 06, 2021 5:28PM ET
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Everyone see the difference right? Trump condemned the protesters and called in the National Guard and told them to go home in peace ....what’s still going on in Portland?
Zack Harding
Zack Harding Jan 06, 2021 5:28PM ET
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5 thumbs down, not 1 rebuttal...because the left have zero morals, little charactar, and no depth.
Don Rupley
Don Rupley Jan 06, 2021 5:28PM ET
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Zack Harding  Exactly! Disgusting!
Chuck Meaffer
Chuck Meaffer Jan 06, 2021 5:28PM ET
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but but Trump is *****with 0 examples or facts
Jo Pa
Jo Pa Jan 06, 2021 5:11PM ET
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Fake news. There was no riot.
Glenn Ebersole
Glenn Ebersole Jan 06, 2021 5:11PM ET
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beez waxxxxx
beez waxxxxx Jan 06, 2021 5:10PM ET
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fake news
Kaushal Kathwadia
Kaushal Kathwadia Jan 06, 2021 5:07PM ET
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the election was stolen!
Zack Harding
Zack Harding Jan 06, 2021 5:07PM ET
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It’s chaos when it’s white Christians, it’s peaceful protests when it’s anyone else supporting the left agenda... priceless.
Dark Side of the moon
Dark Side of the moon Jan 06, 2021 5:05PM ET
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... anarchy teams ready to make a Coup d'état only to ensure that selfishness, arrogance and ha*++te from Mr Trump keep the world on kness before his sick narcissism
Zack Harding
Zack Harding Jan 06, 2021 5:05PM ET
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You are weak minded and have failed to think for yourself, you just regurgitated Rachel Maddow talking points
Paul Finman
pfinman Jan 06, 2021 5:03PM ET
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Unprecedented political divisions and instability in the U.S.  We already have Detroit-style elections.  Now going into Detroit-style governance.  Whole new world with the end of a stable republic.
Zack Harding
Zack Harding Jan 06, 2021 5:03PM ET
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Exactly, this started with the never Trumper’s and Soros funded right instigators and now the fringe of the right is stooped to the same low level as the left ....The media politicians and education system are to blame, I am afraid this will only end in mass bloodshed and eventual war when our enemy sees us bleeding
Zack Harding
Zack Harding Jan 06, 2021 5:03PM ET
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Zack Harding Sorry, Soros funded left wing instigators
michael engel
michael engel Jan 06, 2021 5:01PM ET
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Disperse congress under martial law.
Samuel Diamante Cruz
Samuel Diamante Cruz Jan 06, 2021 5:01PM ET
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what a fraud!!
Radu Varga
Radu Varga Jan 06, 2021 5:01PM ET
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the rUSSIAN will eat you at all...
Radu Varga
Radu Varga Jan 06, 2021 5:01PM ET
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the rUSSIAN will eat you at all...
Radu Varga
Radu Varga Jan 06, 2021 5:01PM ET
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this is exactly what they want...anarchy ....
 
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